With that, we would now be happy to answer any questions that you might have.

with that we would now be happy to answer any questions that you might have


Our guidance for the second quarter is up from the same quarter a year ago in a challenging environment.

our guidance for the second quarter is up from the same quarter a year ago in a challenging environment


that we did not extend by mutual agreement at the end of 2015. Second,

that we did not extend by mutual agreement at the end of 2015 second


Regarding DCR-HBVS, we continue to dose healthy volunteers

regarding dcr hbvs we continue to dose healthy volunteers


probably as good as our current bank credit line.


how that number -- what the sort of factors around that percentage going up

how that number what the sort of factors around that percentage going up


The order book was strong, as our paper continues to be well received by the market.

the order book was strong as our paper continues to be well received by the market


The lab revenue increase reflects its growing focus on higher-margin molecular testing services.

the lab revenue increase reflects its growing focus on higher-margin molecular testing services


some sort of guidance, be that as revenue or EBITDA, with respect to any or all of your

some sort of guidance be that revenue or ebitda with respect to any or all of your


That's one piece of the go-to-market. The other piece looks more like traditional

that's one piece of the go-to-market the other piece looks more like traditional


We just bought the propane division of that and the acquisition is our fourth tuck-in

we just bought the propane division of that and the acquisition is our fourth tuck-in


In terms of combination, the data that was presented was actually supporting

in terms of combinations the data that was presented was actually supporting


continue to focus on maintaining the integrity of our assets. That is absolutely

continue to focus on maintaining the integrity of our assets that is absolutely


the competency of blending Nubiola products with our products and creating

the competency of blending new biola products with our products and creating


is something that I think we're getting better at and we've got some better processes in place to do that proactively

is something that i think we're getting better at and we've got some better processes in place to do that proactively


in this challenging environment, we're being a lot more prudent in terms of those kinds of investments.

in this challenging environment we're being a lot more prudent in terms of those kinds of investments


While that was gratifying and confirmed our own assumptions about our business,

while that was gratifying and confirmed our own assumptions about our business


physician business that we're absorbing with our current capabilities and organic

physician business that we're absorbing with our current capabilities and our organic


on certain assets to reflect our greater costs of funding those assets. So

on certain assets to reflect our greater costs of funding those assets so


will give that much of activity or tumor melting at the end? We have to know exactly

would give that much of activity or tumour melting at the end we have to know exactly


just go back to the regular monthly dividends, not have specials. And

just go back to the regular monthly dividends not have specials and


Retirement had a solid quarter, reporting good earnings and net flows.

retirement had a solid quarter reporting good earnings and net flows


However, we do not expect to be able to maintain this elevated level as a baseline in the future.

however we do not expect to be able to maintain this elevated level as a baseline in the future


we believe we have a solid foundation and the available capital to grow our investment income.


the North Sea and the Barents Sea seems to have a pickup

on the north sea and the barents sea seems to have a pickup


Related to the Pramac acquisition, recall we are acquiring a majority ownership position in that company.

related to the pramac acquisition recall we are acquiring a majority ownership position in that company


For oriented strand board, second quarter to date realizations are comparable to the first quarter average,

oriented strand board second quarter to date realizations are comparable to the first quarter average


I have a question on Jennie-O. And I was just wondering if you could give us a sense of

i have a question on ginneo and was just wondering if you could give us a sense of


This study is approaching full enrollment with top line results expected near the end of this year.

this study is approaching full enrollment with top line results expected near the end of this year


This is our usual slide of the key drivers of shareholder value creation.

this is our usual slide of the key drivers of shareholder value creation


we obviously tried to recoup as much as that as possible through pricing actions in the local market.

we obviously try to recoup as much of that as possible through pricing actions in the local market


we certainly will look to do acquisitions as exchanges


So I'm going to ask Mike Pizzi to take the first part of your question, but I will hit the second part of your question first.

so i'm going to ask mike peasie to take the first part of your question but i will hit the second part of your question first


The new Singapore first lounge is set to open towards the end of 2019. And

the new singapore first lounge is set to open towards the end of 2019


driven by a combination of both our strong Las Vegas results and growth in our Native American management fees.

driven by a combination of both our strong las vegas results and growth in our native american management fees


and will support a higher growth rate in this region in comparison to the first half.


Our first quarter earnings reflect improved realized margins and positive inventory impacts.

our first quarter earnings reflect improved realized margins and positive inventory impacts


We've made good progress in each of the 5 work streams, and you can see it in our results.

we've made good progress in each of the 5 work streams and you can see it in our results


this is another strong set of results. Let me take you through the numbers in more detail.

this is another strong set of results let me take you through the numbers in more detail


and have expanded the Guinness portfolio with beers from The Brewers Project.

and have expanded the guinness portfolio with beers from the brewers project


benefiting from the new media campaign and increased investment in sampling activities.


Mobile remains our focus with nearly 60% of transactions completed on our mobile platforms.

mobile remains our focus with nearly 60% of transactions completed on our mobile platforms


At the same time, we focused on our training efforts this past quarter to ensure that we had our associates

at the same time we focused on our training efforts this past quarter to ensure that we had our associates


from the Canadian government and also from our customers, including Delta.

from the canadian government and also from our customers including delta


Remember, these systems are at the heart of billing for and collecting an operator's cash flows.

remember these systems are at the heart of billing for and collecting an operator's cash flows


much like MTN South Africa is having us do for them with both their wholesale and residential businesses.

much like mtn south africa is having us do for them with both their wholesale and residential businesses


what the credit of those parties are, how well contracted it is, and get comfortable that the overall

what the credit of those parties are how well contracted it is and get comfortable that the overall


and so we're going to be in a really good shape. Our -- but I would say that our development plans

and so we're going to be in really good shape our -- but i would say that our development plans


we have increased some specific reserves to reflect the reality of the ongoing negotiations.


Early-season conditions in Colorado have been outstanding with great skiing conditions over the Thanksgiving holiday.

early season conditions in colorado have been outstanding with great skiing conditions over the thanksgiving holiday


in that light. All right. Because I assume that's kind of your game plan. I mean, your stock

in that light all right because i assume that's kind of your game plan i mean your stock


that much better at Grand Canyon Education to which you're able to continue to

that much better at grand canyon education to which you're able to continue to


We expect our online campus to grow between 6% and 7% on an annual basis.

we expect our online campus to grow between 6% and 7% on an annual basis


Longer term, we remain on track on our cost savings initiatives,

longer term we remain on track on our cost savings initiatives


Regarding our cash use in the quarter, you can see that our total cash flow from operations and investing activities,

regarding our cash use in the quarter you can see that our total cash flow from operations and investing activities


On a constant exchange rate basis, our Africa, India and Middle East businesses

on a constant exchange rate basis our africa india and middle east businesses


of our current rights offering on diluted EPS, there is no change to the guidance we presented.

of our current rights offering on diluted eps there is no change to the guidance we presented


and growth in that market on the back of increased interstate migration, which has doubled

and growth in that market on the back of increased interstate migration which has doubled


Growth at the service companies only partly compensated for these declines.

growth at the service companies only partly compensated for these declines


watch out, we will continue to prove you wrong with operational aggressiveness and financial prudence.

watch out we will continue to prove you wrong with operational ingressiveness and financial prudency


new customers. And we just think over time, that's going to become a bigger and bigger piece of our business as our installed base gets bigger.

new customers and we just think over time that's going to become a bigger and bigger piece of our business as our installed base gets bigger


So that's basically it. The performance of the team has been very good.

so that's basically it the performance of the team has been very good


and then that will dissipate as the year goes on. We do not view this as a lasting impact.

and then that will dissipate as the year goes on we do not view this as a lasting impact


We continually evaluate strategic options for this business to unlock shareholder value.

we continually evaluate strategic options for this business to unlock shareholder value


I just want to go over a couple of numbers. Comparing fourth quarter of last year,

i just want to go over a couple of numbers comparing fourth quarter of last year


I think as we showed in the one chart that if you have the

yes i think as we showed in the one chart that if you have the


or at least not including the Gas Storage business. We're reviewing what we're going to do with that at this point.

or at least not including the gas storage business we're reviewing what we're going to do with that at this point


The charge relates to the amortization of an intangible asset and other balance sheet adjustments.

the charge relates to the amortization of an intangible asset and other balance sheet adjustments


This increase in sustainable cash flow enhances our ability to return capital to our shareholders through dividends.

this increase in sustainable cash flow enhances our ability to return capital to our shareholders through dividends


there is a lot of newness in some of the trends and sell-throughs and products that we're seeing right now

there is a lot of newness in some of the trends and filters and products that we're seeing right now


We continue to have the best end-to-end solutions that deliver the most secure

we continue to have the best end-to-end solutions that deliver the most secure


Well, we'll end what may be the shortest conference call in history. Thank you very much.

well we'll end what may be the shortest conference call in history thank you very much


just ask a question, what does an ideal target for you guys look like

just ask the question what does an ideal target for you guys look like


This net leverage ratio when adjusted for the closing of the January station acquisitions

this net leverage ratio when adjusted for the closing of the january station acquisitions


I would rather say that the fixed costs of the company had actually been

i would rather say that the peak costs of the company had actually been


with list prices that are slightly higher than others.


Can you talk about some of the regions? Is that really chasing some of the higher-growth regions like China? Or is that broad based?

can you talk about some of the regions is that really chasing some of the higher growth regions like china or is that broad-based


which are used as an extender filler in paint and plastics applications.


However, in accordance with GAAP, Mercury Intelligence Systems isn't -- is reflected in our statement of cash flows

however in accordance with gaap mercury intelligent systems is reflected in our statement of cash flows


We do not undertake to update any of these statements in light of new information or future events.

we do not undertake to update any of these statements in light of new information or future events


The sales pipeline in the stand-alone Dedicated segment has significantly grown

the sales pipeline in the stand-alone dedicated segment has significantly grown


results that exceeded our expectations for the quarter primarily as a result of higher realized prices,

results had exceeded our expectations for the quarter primarily as a result of higher realized prices


may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act

may be considered forward-looking statements within the meaning of the private securities litigation reform act


The third quarter results reflect favorably on our off-season productivity of our staff.

the third quarter results reflect favorably on our off-season productivity of our staff


in their volumes this year. So we benefited from that. And then certainly the

in their volumes this year so we benefited from that and then certainly the


Finally, the company's capital deployment program started the year on fast pace,

finally the company's capital deployment program started the year on a fast pace


is that no one has given the customers a fantastic option.


explore that with our component suppliers of major components for those types of products.

to explore that with our component suppliers of major components for those types of products


This measure removes the effect of discontinued products and the shutting of less accretive products throughout the year.

this measure removes the effect of discontinued products and the shedding of less accretive products throughout the year


the best type of buildings in the right locations with the right type of tenants


insurance products cover how and where our business is moving.


Before we turn the call back to the operator to take any questions you may have, I'll make a few final comments on our outlook.

before we turn the call back to the operator to take any questions you may have i'll make a few final comments on our outlook


we probably had more of an impact in 2017. But we do still have products

we probably had more of an impact in 2017 but we do still have products


our customers do retro synthesis. And this is allowing many of our customers to come in and

help our customers do retrosynthesis and this is allowing many of our customers to come in and


I think a lot of people were concerned that we seem to have taken prices up while the rest of the competition did not.

i think a lot of people were concerned that we seem to have taken prices up while the rest of the competition did not


who are ultimately responsible for the solid fourth quarter results.


We do appreciate your participation, and you may now disconnect. Everyone, have a wonderful day.

we do appreciate your participation and you may now disconnect everyone have a wonderful day


The slow start was due to high inventory levels at certain of our customers' location.

the slow start was due to high inventory levels at certain of our customers' locations


We don't expect any inventory level revision this time,

we don't expect any inventory level revision this time


And they also signed up for additional services such as broadband and cloud,

and they also signed up for additional services such as broadband and cloud


and therefore, recorded negligible sales from the country in the second quarter of this year.

and therefore recorded negligible sales from the country in the second quarter of this year


we use the expression, adaptive learning platform, others refer to it in different ways. But it really does

we use the expression adaptive learning platform others refer to it in different ways but it really does


refined product and NGL inventories associated with the legacy SXL business

refined product and ngl inventories associated with the legacy sxl business


I think -- we started the quarter not looking at that strong of a book.

i think if we started the quarter not looking at that strong of a book


additional information on what's going on with Rich Media in terms of e-books?

additional information on what's going on with rich media in terms of ebooks


Outside Japan, the effect of the weaker yen contributed to increased revenue.

outside japan the effect of the weaker yen contributed to increased revenue


Last summer, we formed a new joint venture with Alibaba to improve service and sales for Chinese guests.

last summer we formed a new joint venture with alibaba to improve service and sales for chinese guests


I will now provide some specific comments on the outlook for each of our business lines.

i will now provide some specific comments on the outlook for each of our business lines


doesn't leave us with the same sort of exposure that historically was the case when you look to the portfolio.

doesn't leave us with the same sort of exposure that historically was the case when you looked at the portfolio


of acquisitions during that period as well as dispositions and capital markets activities.


companies. I think it's within the capability of the land drilling contractors

companies i think it's within the capability of the land drilling contractors


continues to pay big dividends , and I think sets an impressive standard for our future activities.

continues to pay big dividends and i think sets an impressive standard for our future activities


We already have a lot of set-top box data in hand, we use it every day to drive our analytics business.

we already have a lot of set-top box data in hand and we use it every day to drive our analytics business


We expect to see additional gains when the lab information systems and lab facilities

we expect to see additional gains when the lab information systems and lab facilities


who have been in a tougher spot? And do you expect to keep that share as they get back on their feet? Yes, thank you

who have been in a tougher spot and do you expect to keep that share as they get back on their feet


These opportunities include further energy network modernization investments across the group

these opportunities include further energy network modernization investments across the group


expanded options, the new tools and services designed to help them succeed every step of the way.

expanded options the new tools and services designed to help them succeed every step of the way


We continued fueling our leadership engine and expanded training and leadership development programs,

we continued fueling our leadership engine and expanded training and leadership development programs


And so from the perspective of being down in the quarter, we don't read too much into that. Again, I go back to

and so from the perspective of being down in the quarter we don't read too much into that again i go back to


parts of our business. The remainder being the effects we talked about with Summer Market, New York Now

parts of our business the remainder being the effects we talked about with summer market new york now


it's spent changing from one patient to the other. So is this change time

it's spent changing from one patient to the other so it's this change time


You can see an example of one of these refits in our store in the Trafford Centre on the screen.

you can see an example of one of these refits in our store in the trafford centre on the screen


that this is being employed to fix. It's a broad, a pretty wide number

that this is being employed to fix it's a broad -- pretty wide number


changes to our corporate governance structure and our proposed strategic plan to strengthen our business.


we see a scarcity of resources and their unnatural limits for the size of the output, which you can't

we see a scarcity of resources and there are natural limits for the size of the output which you can


and assembly of dispensers and caps for the food and beverage and health, beauty and home care end markets.

an assembly of dispensers and caps for the food and beverage and health beauty and home care end markets


Also impacting net income was higher depreciation and amortization of expense.

also impacting net income was higher depreciation and amortization of expense


And we believe that's the likely ultimate outcome. Relative to Applied,

and we believe that's the likely ultimate outcome relative to applied


Turning to the balance sheet. Gary talked about the many initiatives we're driving to accelerate innovation.

turning to the balance sheet gary talked about the many initiatives we're driving to accelerate innovation


Although these activities have been incremental and generally fall below the materiality radar screen,

although these activities have been incremental and generally fall below the materiality radar screen


Our preferred markets would be the metro markets that we're currently in, so Orlando, Tampa

our preferred markets would be the metro markets that we're currently in so orlando tampa


These expenses were not included in our guidance for the quarter and are not included in our future guidance.

these expenses were not included in our guidance for the quarter and are not included in our future guidance


higher than others in the market who already have a defined network this year.


the ladies who are doing the sewing. It takes about 6 months for them to get up to standard,

the ladies who are doing the sewing it takes about 6 months for them to get up to standard


Good morning. My name is James, and I'll be your conference operator today. At this time, I'd like to welcome everyone

good morning my name is james and i'll be your conference operator today at this time i'd like to welcome everyone


All the leasing success we have had would not be possible without the efforts of our construction team.

all of the leasing success we have had would not be possible without the efforts of our construction team


Last year, the market provided strong support for the utilization of our 2 vessels.

last year the market provided strong support for the utilization of our 2 vessels


idea of getting lease certificates also in other buildings in our portfolio.

idea of getting lead certificates also in other buildings in our portfolio


As I've said the last 2 quarters, changes in revenues is not a good predictor of our performance.

as i've said the last 2 quarters changes in revenues is not a good predictor of our performance


we may be with the platforms and not just one, multiple platforms,

we may be with the platforms and not just one multiple platforms


for your attention and now I am available for any questions you may have.

for your attention and now i am available for any question you may have


bring it up to speed and qualify it. So we look for that more later in the year.

bring it up to speed and qualify it so we look for that more later in the year


to both the commercial customers as well as the Defense Ministry of India.

to both the commercial customers as well as the defense ministry of india


and 70 years of history and understanding this segment. So getting our hands around that

and 70 years of history in understanding this segment so getting our hands around that


These tools are a logical extension of our core Recovery Audit Services,

these tools are a logical extension of our core recovery audit services


It will probably even be a little bit weighted to the front part of the year as some of it ramps up.

and it'll probably even be a little bit weighted to the front part of the year as some of it ramps up


We're trying to make a committed effort to being really competitively priced from a fee standpoint

we're trying to make a committed effort to being really competitively priced from a fee standpoint


new store openings and other matters that are based on the company's current forecast of aspects of its future business.

new store openings and other matters that are based on the company's current forecast have aspects of its future business


And so we've done a lot of work around even existing centers to optimize our layout.

and so we've done a lot of work around even existing centers to optimize our layout


In Personal Care, our priorities are to grow the core whilst building the premium segment.

in personal care our priorities are to grow the core whilst building the premium segment


before, I think it was to Warren, what I mentioned in terms of managing our portfolio

before i think it was to warn what i mentioned in terms of managing our portfolio


If we see the growth in more panel-like products, that would

if we see the growth in more panel-like products that would


people will always talk to you at AXA about a focus in Health,

people will always talk to you at axa about a focus in health


Today, I'd like to introduce myself and speak briefly about my plans for the next few months.

today i'd like to introduce myself and speak briefly about my plans for the next few months


So I think it's not really a major trend going through it. I think some of it I've touched on.

so i think it's not really a major trend going through it i think some of it i've touched on


of the local currency weaknesses that are embedded in the translation to group earnings.

of the local currency weaknesses that are embedded into translation to group earnings


I would lump them largely into 4 categories. One is the area of beneficiary support services

i would lump them largely into 4 categories one is the area of beneficiary support services


To say that you're going to have this fully anonymized relationship with your customer

to say that you're going to have this fully anonymized relationship with your customer


only as of today and should not be relied upon as representing our views as of any subsequent date.


In parallel, we are driving operating efficiencies and cost reductions.

in parallel we are driving operating efficiencies and cost reduction


I wish to confirm that all major product categories performed and improved on the prior year.

i wish to confirm that all major product categories performed and improved on the prior year


This reduction is simply due to a higher sustaining capital spend

this reduction is simply due to a higher sustaining capital spend


The graph at the bottom shows transitions in operating income and operating margin.

the graph at the bottom shows transitions in operating income and operating margin


in patients with no existing evidence of disease but high risk of relapse.


relative cost advantage of manufacturing all the world's glass in China and shipping it all over the world.

relative cost advantage of manufacturing all the world's glass in china and shipping it all over the world


is at that point in time and in comparison with the carrying value of the assets on the books in that comparison.

is at that point in time in comparison with the carrying value of the assets on the books and that comparison


As Steve mentioned, we continue to be disciplined in our underwriting cost and credit line assignments,

as steve mentioned we continue to be disciplined in our underwriting cutoffs and credit line assignments


Let me illustrate the power of our strategy with the following examples.

let me illustrate the power of our strategy with the following example


And these initiatives are driving results. In the fourth quarter,

and these initiatives are driving results in the fourth quarter


The semiconductor industry is transforming many industries and the world we live in.

the semiconductor industry is transforming many industries and the world we live in


We're also planning to invest an additional NF3 capacity in Asia.

we're also planning to invest in additional nf3 capacity in asia


to quantify right now as to whether it's hundreds of millions of dollars or tens of millions of dollars or


We refer you to our public filings in the press release we issued this morning for a summary of such factors.

we refer you to our public filings and the press release we issued this morning for a summary of such factors


to close this and move and continue operations without disruption.


It is a mature industry. And these companies are driven by efficiency considerations.

it is a mature industry and these companies are driven by efficiency considerations


is the platform qualifications that were truly organic developments


as well as an increase in allocated capital. Taking a look at our divisional performance,

as well as an increase in allocated capital taking a look at our divisional performance


patient group and the disease area that we've been operating in. And so I'm afraid, right now, there's no one clean kind of

patient group and the disease area that we've been operating in and so i'm afraid right now there's no one clean kind of


I give a ton of credit to Bill and his team for creating those experiences

i give a ton of credit to bill and his team for creating those experiences


as well as a new financial reporting system and a new HR or human resources system.

as well as a new financial reporting system and a new hr or human resources system


In terms of the project itself, there are many benefits for our market-leading Paints business.

in terms of the project itself there are many benefits for our market-leading paints business


It's clear that the increase of the ARPU is also coming from the fact that we are increasing -- we are starting to increase

it's clear that the increase of the arp is also coming from the fact that we are increasing -- we are starting to increase


Do you expect the momentum generally to continue? And then will the service offering be meaningful enough next year

do you expect the momentum generally to continue and then will the service offering be meaningful enough next year


And then once the sections are ready, then we'll start more houses than we normally would, and closings will catch up.

and then once the sections are ready then we'll start more houses than we normally would and closings will catch up


dump the product that they're required to purchase and then collect royalties from Herbalife, and that's how they make their living.

dump the product that they're required to purchase and then collect royalties from herbalife and that's how they make their living


Return on invested capital improvement was primarily driven by operating profit growth.

return on invested capital improvement was primarily driven by operating profit growth


And then across generations or across models, if we can have some kind of common platform,

and then across generations or across models if we can have some kind of common platform


in a positioning that stays around the home. It's important for us to give

in a positioning that stays around the home it's important for us to give


that comment. So how do you define the cost base when you make that comment?

of that comment so how do you define the cost base when you make that comment


margin enhancement, and operational improvements across all our lines of business.

margin enhancement and operational improvements across all our lines of business


the kind of the recovery, which continues in kind of government spending from the last several years

the kind of the recovery which continues in kind of government spending from the last several years


maybe a question for Randy. I'm trying to understand some of the movement in the

maybe a question for randy i'm trying to understand some of the movement in the


We also have a very big opportunity, in my opinion, on material cost.

we also have a very big opportunity in my opinion on material cost


the number of patients who receive therapy because we know doctors tell us today


It's a protracted process on all of these, as we've witnessed in the past.

it's a protracted process on all of these as we've witnessed in the past


Trying to get a better sense for what normal incrementals will look like going forward.

trying to get a better sense for what normal incrementals will look like going forward


Some of that was a little bit better promotional cadence and running less promotions, et cetera, and still being able to drive through.

some of that was a little bit better promotional cadence and running less promotions et cetera and still being able to drive through


So we were at the bottom of the rung. I'm telling you, the very bottom of the rung. So we've got plenty of room to grow,

so we're at the bottom of the row and i'm telling you the very bottom of the row so we've got plenty of room to grow


The third quarter had 89 selling days compared to 90 in the prior year period.

the third quarter had 89 selling days compared to 90 in the prior year period


as well as on our website and will be repeated by the operator at the end of the call.


We think we can gain share in markets where we don't have a cost advantage today

we think we can gain share in markets where we don't have a cost advantage today


that's coming to fruition. So productivity in general has been a massive focus of ours.

that's coming to fruition so productivity in general has been a massive focus of ours


Again, we believe these are necessary investments that were made across the corporate centers in the businesses

again we believe these are necessary investments that were made across the corporate centers and the businesses


All areas of the business contributed to achieving the financial records, which Dick previously mentioned.

all areas of the business contributed to achieving the financial records which dick previously mentioned


Next page shows how we are expanding the OpEx project.

next page shows how we are expanding the opex project


In view of the globally difficult environment, the first half year was

in view of the globally difficult environment the first half year was satisfactory


and we're going to be investing a lot of time and efforts making sure that we deliver


we don't have a clear crystal ball on which projects are going ahead. Now, outside of the electronics

we don't have a clear crystal ball on which projects are going to hit now outside of electronics


pretty conservative or pragmatic about how we think about what the growth expectations can be


and to generate growth by taking advantage of the productivity opportunities I just described

and to generate growth by taking advantage of the productivity opportunities i just described


Given that we installed roughly the same number of devices in Q4 as we sold,

given that we installed roughly the same number of devices in q4 as we sold


You are assuming then going forward that that pipeline will continue to be operational?

you are assuming then going forward that that pipeline will continue to be operational


Maybe a little bit of color on how those markets are doing or how they performed in the quarter.

maybe a little bit of color on how those markets are doing or how they performed in the quarter


This is exemplified by the efforts of our employees who worked to restore power during a recent windstorm that hit our region.

this is exemplified by the efforts of our employees who worked to restore power during a recent windstorm that hit our region


The excellent reliability we provided to our customers over a hot summer reinforces

the excellent reliability we provided to our customers over a hot summer reinforces


have my numbers in terms of the quarter and the sequential aspect of the quarter more so than the months within.

i have my numbers in terms of the quarter and the sequential aspect of the quarter more so than the months within


Well, yes, I want to correct that. I don't think we take a little more credit risk. I think we take a little more liquidity risk

well yes i want to correct that i don't think we take a little more credit risk i think we take a little more liquidity risk


demonstrating the important role dividends have played as part of our capital allocation strategy.


In contrast, our sales are centered on older aircraft, where investor demand has been particularly strong.

in contrast our sales are centered on older aircraft where investor demand has been particularly strong


We find it interesting to remark that we observe -- when we observe the quarterly performance of service revenues

we find interesting to remark that we observed -- when we observed the quarterly performance of service revenues


I will tell you the net margins on them, which we are heavily focused on as a company right now are very strong.

i will tell you the net margins on them which we are heavily focused on as a company right now are very strong


I'm really happy to share with everybody that as we have gone through the full data set, it is even better

i'm really happy to share with everybody that as we have gone through the full data set it is even better


then do some of the part valuation of our company and when you do that you got to believe like I do,

then do a sum of the part valuation of our company and when you do that you've got to believe like i do


Furthermore, many programs are progressing into our Safety Assessment business.

furthermore many programs are progressing into our safety assessment business


We issued our fourth quarter results this morning. Excluding the effects of special items from both periods,

we issued our fourth quarter results this morning excluding the effects of special items from both periods


supported by growth in our core offerings at the branches, including direct lube sales.

supported by growth in our core offerings at the branches including direct lube sales


we've noted that the environment has been fairly stable. The


Our community and state care managers and community health workers evaluate, prioritize

our community and state care managers and community health workers evaluate prioritize


This is something that has been


Scott will provide you with more detail of the performance later on in the call.

scott will provide you with more detail of the performance later on in the call


try to continue the current one and continue along the same tracks in immediate years

try to continue the current one and continue along the same tracks in the immediate years


In 2017, the level of capital deployment may be modestly lower due to several factors,

in 2017 the level of capital deployment may be modestly lower due to several factors


We have never considered a transformational deal in the North Sea. Period.

we have never considered a transformational deal in the north city period


Looking forward, I'd address our aspirations in each aspect of the customer experience separately.

looking forward i'd address our aspirations in each aspect of the customer experience separately


Good day, and welcome to the Anworth Mortgage

good day and welcome to the annworth mortgage


All the other categories in noninterest expense are in line with prior quarters and our expectations.

all the other categories of noninterest expense are in line with prior quarters and our expectations


And as you undertake your rationalization of the portfolio of assets that you own, there

and as you undertake your rationalization of the portfolio of assets that you own that


of setting the pace and tone in how they could address these various current assets,


We're particularly excited about their strong positions in wire and cable and textile applications.

we're particularly excited about their strong positions in wiring cable and textile applications


Between Labor Day and December, we plan to access debt markets to refinance maturing debt

between labor day and december we plan to access debt markets to refinance maturing debt


our best cash flow quarter. And so there is a little bit of,

our best cash flow quarter and so there is a little bit of


Passport was still in the relaxed category as strong elements of a global attitude

passport while still in the relaxed category has strong elements of a global attitude


although there is potential for scrap to decline, we believe increased customer demand and fewer imports

although there is potential for scrap to decline we believe increased customer demand and fewer imports


We like that because it's very similar to our business model that we run for other segments in Industrial.

we like that because it's very similar to our business model that we run for other segments in industrial


for which we had received prepayments in an earlier period, in which we had discussed earlier in the year.

for which we had received prepayments in an earlier period in which we had discussed earlier in the year


As you see in the Statement of Cash Flows, which appears on Page 19 of our press release schedules,

as you see in the statement of cash flows which appears on page 19 of our press release schedules


and the opportunity in the next couple of years really seems to be driving that utilization up as you talked about.


there additional questions that are being discussed but into the microphone so we will not be able to interpret?

there is additional questions that are being discussed but not into the microphone so we will not be able to interpret


global product to imagine that we would have the capability to launch and market that ourselves.

global products to imagine that we would have the capability to launch and market that ourselves


in turnover and how you think that may be influencing your execution at the store level?

and turnover and how you think that may be influencing your execution at the store level


The increase was a result of higher sales of both residential and commercial meters and related technologies.

the increase was a result of higher sales of both residential and commercial meters and related technologies


even though the slowdown in Massachusetts is not going to hurt as much as some other people that they have all their

even though the slowdown in massachusetts is not going to hurt as much as some other people that they have all there


to realize more operating leverage later in the year as we hold our expense growth below our revenue growth.


and we are excited to be able to support our aerospace customers on a more global basis.


to say that we're going to be sustainable at 30% is probably a little bit of a reach,


To capitalize on these trends, we've continued to scale our business development team.

to capitalize on these trends we've continued to scale our business development team


and largely because we see the opportunity for incremental market share there going forward.


And we are very, very conscious of the fact that we have

and we are very very conscious of the fact that we have


we can conclude that the underlying performance is well above the guidance indicated


we believe that it would likely be in the form of a branded device as opposed to a substitutable generic.


But the government funding cycle in Europe has been really challenging, and it's creating a whole lot of uncertainty

but the government funding cycle in europe has been really challenging and it's creating a whole lot of uncertainty


This instrument synthetically fixes the interest rate we pay on this portion of our debt structure

this instrument synthetically fixes the interest rate we pay on this portion of our debt structure


Forward-looking statements are protected by the safe harbor contained in the Private Securities Litigation Reform Act

forward-looking statements are protected by the safe harbor contained in the private securities litigation reform act


we branded or we're in the process of branding gasoline offerings at 17 locations.

we branded or were in the process of branding gasoline offerings at 17 locations


In addition, we continue to see ongoing disruption in the upgrading of the network.

in addition we continue to see ongoing disruption in the upgrading of the network


And then in the second half of next year, I expect that we'll start to see a more normalized

and then in the second half of next year i expect that we'll start to see a more normalized


we will make forward-looking statements about events and circumstances that have not yet occurred,


This quarter, there were robust instrument placements across translational research and cancer centers,

this quarter there were robust instrument placements across translational research and cancer centers


that our system of papering and then subcontracting services imposed upon them.


There are 4 aspects that make the training content market interesting for Cornerstone.

there are 4 aspects that make the training content market interesting for cornerstone


Our results serve as proof of our unmatched offering and high demand from advertisers.

our results serve as proof of our unmatched offering and high demand from advertisers


Good morning, and welcome to the Star Group Fourth Quarter Earnings Conference Call.

good morning and welcome to the star group fourth quarter earnings conference call


reflects that the net number of people who left the island from September 2017 to

reflects that the net number of people who left the island from september 2017 to


and the really -- the long term -- the difficulty of it is hiring and training

and the really the long term -- the difficulty of it is hiring and training


We've also spent the last year really focusing on marketing

we've also spent the last year really focusing on marketing


We have certain assumptions in here given the difficulties that we've had in the past.

we have certain assumptions in here given the difficulties that we've had in the past


for the shareholders that if we are approved to keep the control of this company


Before turning to the segments and the project backlog, there's an issue I'll try to address up front.

before turning to the segments and the project backlog there's an issue i'll try to address upfront


on forward-looking statements and use of non-GAAP financial measures set forth at the end of our earnings release

on forward-looking statements and use of non-gaap financial measures set forth at the end of our earnings release


that they would like us to perform. So obviously, those are very positive.

that they would like us to perform so obviously those are very positive


be likely to release some sort of a guide on CECL implications?

be likely to release some sort of a guide on cecl implications


All this leads to smaller deployments scattered across a larger number of locations.

all this leads to smaller deployments scattered across a larger number of locations


and appointed us to provide full logistics supply auditing services across this new operations.

and appointed us to provide food logistics supply auditing services across these new operations


We've always been partners with the publishers and

we've always been partners with the publishers and


telecommunications and hosting, transportation and travel and global government more than doubled.

telecommunications and hosting transportation and travel and global government more than doubled


and we decided not to do that. So we slowed down new customer marketing,

and we decided not to do that so we slowed down new customer marketing


sort of your fundamental growth rate there, absent the recession years?

sort of your fundamental growth rate there absent the recession years


And then you add on top of that the private sector money that's coming into the market

and then you add on top of that the private sector money that's coming into the market


And we saw a continued stable credit quality metrics in nearly every area reported.

and we saw continued stable credit quality metrics in nearly every area reported


all that value proposition that it will continue to be a solid product for us. And

all that value proposition that it will continue to be a solid product for us and


the new active to their risk budgets. And of course, a focus on investment outcomes

the new active to their risk budget and of course a focus on investment outcomes


we also instituted a comprehensive review of investment performance.


Surviving a downturn is always challenging. But it also creates many opportunities for improvement.

surviving a downturn is always challenging but it also creates many opportunities for improvement


In fact, Nielsen estimates that the rural market over October, November and December was down

in fact news and estimates that the rural market over october november and december was down


The extent the durability of our business, while strengthening cash returns to our owners,

they extend the durability of our business while strengthening cash returns to our owners


Finally, I'd like to announce that we plan to attend several upcoming investor conferences this quarter

finally i'd like to announce that we plan to attend several upcoming investor conferences this quarter


And we have really implemented what we set, a clear and decisive

and we have really implemented what we said a clear and decisive


Thinking back, we have 6 countries where we are very strong in Health,

thinking back we have 6 countries where we are very strong in health


Thank you very much for your attention. And we will now go over to your questions.

thank you very much for your attention and we will now go over to your questions


Just wanted to be careful with regard to the momentum in the independents that had its impact on the top line,

so wanted to be careful with regard to the momentum in the independence that had its impact on the top line


On Page 14, you can see the breakdown of the revenue. You can see that

on page 14 you can see the breakdown of the revenue you can see that


Furthermore, our hedging approach does not attempt to fully offset the impact

furthermore our hedging approach does not attempt to fully offset the impact


and can build and defend a price premium over time. So it's a very core part of what we're trying to do in the strategy.

and can build and defend a price premium over time so it's a very core part of what we're trying to do in the strategy


it's more over on the side of, they have a really solid platform to go to,

it's more over on the side of they have a really solid platform to go to


And we think that'll play out over some time while demand continues to grow.

and we think that'll play out over some time while demand continues to grow


And so you'd expect to see across them really improvements in working capital over time,

and so you would expect to see across them really improvements in working capital over time


on that side of it. So just to let you know, kind of think about the full picture of the year is the view that we're taking.

on that side of it so just to let you know kind of think about the full picture of the year is the view that we're taking


and our response to Hurricane Irma in September that affected portions of Florida and Georgia.

and our response to hurricane irma in september that affected portions of florida and georgia


This brings us to Slide 10, where you can see that scrapping activity is, indeed, on the rise.

this brings us to slide 10 where you can see that scrapping activity is indeed on the rise


I would note that we will continue to invest in sales and other business initiatives going forward,

i would note that we will continue to invest in sales and other business initiatives going forward


At the bottom of this slide, we show transitions in unit costs based on this policy.

at the bottom of this slide we show transitions in unicast based on this policy


This concludes my presentation. Thank you for your attention.

this concludes my presentation thank you for your attention


Thank you all who have taken the time to participate on today's conference call.

thank you all who have taken the time to participate on today's conference call


So there was going to come a point in time where it made more sense for us to have our capacity available to us

so there was going to come a point in time where it made more sense for us to have our capacity available to us


related to a decrease in prepayment fees, partially offset by an increase in origination fee.

related to a decrease in prepayment fees partially offset by an increase in origination fees


on your comment about the impact of the tax law change. I think in your prepared remarks you said,

on your comment about the impact of the tax law change i think in your prepared remarks you said


And if we cut much more, then we cut into the real meat that we need to go forward

and if we cut much more then we cut into the real meat that we need to go forward


Before we begin, I would like to note that we have provided a slide presentation to help guide our discussion.

before we begin i would like to note that we have provided a slide presentation to help guide our discussion


During tonight's call, we may use a non-GAAP financial measure if we believe it is useful to investors

during tonight's call we may use a non-gaap financial measure if we believe it is useful to investors


behind why that claim for medical necessity was necessary. All that

behind why that claim for medical necessity was necessary all that


Thanks Andy, and thanks to everyone for joining us on the call this morning to discuss our company's first quarter results.

thanks andy and thanks to everyone for joining us on the call this morning to discuss our company's first quarter results


and they're very receptive in trying to help us get through with the bureaucrats to get these things done.

and they're very receptive and trying to help us get through with the bureaucrats to get these things done


And as we said in the quarter, we saw the shale business for us and now I'm talking about demand to us

and as we said in the quarter we saw the shale business for us and now i'm talking about demand to us


We should have some insight into which pathway is most feasible in coming months.

we should have some insight into which pathway is most feasible in coming months


but we would note that there is probably a H1 or we expect there to be a H1 weighting in the financial performance,

but we would note that there is probably a h1 or we expect there to be a h1 waiting in the financial performance


are you going to be homogenizing the returns as well? And

are you going to be homogenizing the returns as well and


our investment in credit risk and our investment in collections and those activities is


in the West, which is the much bigger piece from an earnings perspective, we haven't really seen

in the west which is the much bigger piece from an earnings perspective we haven't really seen


We expect to draw on our revolving credit facility to fund the cash portion of the special distribution.

we expect to draw on our revolving credit facility to fund the cash portion of the special distribution


We are winding down the operations of Neonet, and we are stopping the bleeding in Europe and Asia.

we are winding down the operations of neonet and we are stopping the bleeding in europe and asia


And if I think about our position in there just to go one level down, we've obviously got the Dulux brand.

and if i think about our position in there just to go one level down we've obviously got the dualux brand


now extending to nearly all parts of the restaurant franchisor business.


For example, the hedges that we have for lead, and we traditionally will

for example the hedges that we have for lead and we traditionally will


In addition, the group retains a significant pool of unencumbered aircraft.

in addition the group retains a significant pool of unencumbered aircraft


But that doesn't mean we are not working to improve the speed of our 4G network.

but that doesn't mean we are not working to improve the speed of our 4g network


from a revenue perspective, in whatever way we sell the phone, the revenue profile is similar.

from a revenue perspective in whatever way we sell the phone the revenue profile is similar


unexpected. We even talked about bringing in some of our inventory a little earlier so we could support some of these earlier

unexpected we even talked about bringing in some of our inventory a little earlier so we could support some of these earlier


a share that you've decided on of things that have happened already?


In our rail end markets, we are seeing a continuation of growth as we capture some market share.

in our rail end markets we are seeing a continuation of growth as we capture some market share


We're already seeing delighted business customers subscribing at a brisk pace.

we're already seeing delighted business customers subscribing at a brisk pace


It is definitely a differentiated solution. So when you think about price, it's not like we're trying to line up

it is definitely a differentiated solution so when you think about price it's not like we're trying to line up


In closing, these continue to be good times at Eaton Vance. Our business has strong current momentum

in closing these continue to be good times at eaton vance our business has strong current momentum


Yes, so all other things being equal, I mean, we should end up seeing total services revenue

yes so all other things being equal i mean we should end up seeing total services revenue


throughout this year. And I imagine a big slug of those in the back end of this year. So we'll begin to ramp up.

throughout this year and i imagine a big slug of those in the back end of this year so we'll begin to ramp up


With major capital spending now complete and contributions from the new petrochemicals project,

with major capital spending now complete and contributions from the new petrochemicals project


have you been able to grow, have you been able to combine distributors, is there a bit of overlap there? What's happening around that?

have you been able to go -- have you been able to combine distributors there's a bit of overlap there what's happening around that


When it comes to business management, instead of business investment,

when it comes to business management instead of business investment


Turning to legal matters for a moment. Last year, the company received from the Attorney General of the Commonwealth of Massachusetts,

turning to legal matters for a moment last year the company received from the attorney general of the commonwealth of massachusetts


Specifically, organizational restructuring and other actions associated with the new strategy,

specifically organizational restructuring and other actions associated with the new strategy


by increasing our penetration into the growing financial planning and retirement markets.


We are extremely optimistic of the performance and growth aspects of the Serbian division.

we are extremely optimistic of the performance and growth aspects of the serbian division


for the fabric supplier and the cut-and-sew company to be one and the same.

for the fabric supplier and the cut and sew company to be one and the same


and that's where much of our effort is currently engaged in the immunovirology space.

and that's where much of our effort is currently engaged in the immunobiology space


We will not be aggressive where it doesn't make sense, where we see other ways to achieve a similar result

we will not be aggressive where it doesn't make sense where we see other ways to achieve a similar result


I think that sums it up. And to the extent this mix shift has run its course

i think that sums it up and to the extent this mix shift has run its course


policy like this is relatively new and recent. We haven't had this conversation in a while.

policy like this is relatively new and recent we haven't had this conversation in a while


Finally, we expect to continue to achieve meaningful operating leverage in the periods ahead,

finally we expect to continue to achieve meaningful operating leverage in the periods ahead


As reflected in our outlook, we expect occupancy to improve by year-end.

as reflected in our outlook we expect occupancy to improve by year-end


While still in the early innings, we are very excited about the results we have seen at our pilot stores.

while still in the early innings we are very excited about the results we have seen at our pilot stores


allude to provisioning being particularly strong in the second quarter and the


completely be offset by the cost measures that we are implementing.


it's always difficult to build energy infrastructure. So just any insights you can have in that regard.

it's always difficult to build energy infrastructure so just any insights you can have in that regard


Well, I want to thank everybody for joining us on our first conference call. And I'd also like

well i want to thank everybody for joining us on our first conference call and i'd also like


We continued to maintain competitive brand levels of marketing and brand spend.

we continue to maintain competitive brand levels of marketing and brand spend


Moving to operations. We continued to run well during the quarter.

moving to operations we continued to run well during the quarter


we launch our OMS Lite, I don't know whether this will be the name,

we launch our oms slide i don't know whether this will be the name


The gain relating to the sale of our recruitment process outsourcing business was recorded in other income.

the gain relating to the sale of our recruitment process outsourcing business was recorded in other income


This decrease was primarily due to a decrease in the level of interest-bearing inventory

this decrease was primarily due to a decrease in the level of interest-bearing inventory


military defense but there was also a little bit of weakness in commercial deliveries as well in the first half of the year.


Our new business to go -- our new business in total -- or the business we're going to create in total

our new business to go -- our new business in total or the business we're going to create in total


And they will try in their own interest to employ those structures in the private market.

and they will try in their own interest to employ those structures in the private market


and we even see that to gradually increase over the next 5 years.


our Q2 result showed a continuation of our solid business development

our q2 result showed a continuation of our solid business development


The supplementary information includes current and historical supporting data on our homebuilding return on inventory,

the supplementary information includes current and historical supporting data on our holding return on inventory


Less obvious is the ephemeral benefit of rebasing the accruals for the gross to net items.

less obvious is the ephemeral benefit of rebasing the accruals for the gross-to-net items


a gross number that you're thinking about for the year or a rate or something that we can use?


I don't want to give you guidance and an expectation until I can deliver. And let's let those results kind of form our view in the future.

i don't want to give you guidance and an expectation until i can deliver and let's let those results kind of form our view in the future


spectrum to more expensive homes at this point in the cycle? Or is that remaining relatively flat still?

backup the spectrum to more expensive homes at this point in the cycle or is that remaining relatively flat still


size of the decline, given the levels that they've already been at and as we consider the more

sizes of the decline given the levels it had already been at and as we consider the more


we're going to have to figure out the right structure. I think that is possible Eric.

we're going to have to figure out the right structure i think that is possible eric


You saw our first move here with the closure in Austria.

you saw our first move here with the closure in austria


and our residential construction market estimate is for flat to low single-digit growth.


I would say that as you've heard from other broadcasters, there is a very strong

i would say that as you've heard from other broadcasters there is a very strong


but it was always part of our expectation for the rest of the year.


The upside for us will be when some of these big initiatives start to land.

the upside for us will be when some of these big initiatives start to land


Our engineering team continues to deliver great new enhancements and capabilities to our platform.

our engineering team continues to deliver great new enhancements and capabilities to our platform


to gain a deeper understanding of the surgeons' assessment of the overall cartilage repair market

to gain a deeper understanding of the surgeon's assessment of the overall cartilage repair market


you think you can get that expansion beyond the early retirement


But then when we start to look at the WSE growth for the third quarter relative to the other quarters this year, it seems like it slowed down a little bit.

but then when we start to look at the wic growth for the third quarter relative to the other quarters this year it seemed like it slowed down a little bit


test the product, get comfortable with it and then convert away from one of their current partners.

test the product get comfortable with it and then convert away from one of their current partners


even as we reinvest into the business and see outside cost pressures creeping in.


Well, the one thing I'd just offer as a quick passing comment on that is that

well the one thing i just offer as a quick passing comment on that is that


After 3 quarters here at Visa, I'm quite pleased with our business progress and our high level of execution.

after 3 quarters here at visa i'm quite pleased with our business progress and our high level of execution


as well as all domains, including insulation and service.

as well as all domains including installation and service


Strong organic growth reflects strong market performance driven by our new product and channel initiatives.

strong organic growth reflects strong market performance driven by our new product and channel initiatives


Those REITs that did get involved in jumbo originations have by now largely exited the sector.

those reits that did get involved in jumbo origination have by now largely exited the sector


such as Xingyun and super VIP service,


The question for us and the question for shareholders is what kind of fund do you want us to run.

the question for us and the question for shareholders is what kind of fund do you want us to run


in our history as a company where we are better positioned either strategically,


based on operational excellence and a single-minded focus on the consumer.


I'm wondering if you can contextualize this observation and say if what you're seeing is anecdotal from a few patients,

i'm wondering if you can contextualize this observation and say if what you're seeing is anecdotal from a few patients


when do you think you hit kind of a full penetration in a sense on that activity? Is there

when do you think you hit kind of a full penetration in a sense on that activity is there


We believe these additional hiring requirements will have a short-term impact on our driver count,

we believe these additional hiring requirements will have a short-term impact on our driver count


So we have been working the teams on a set of requirements that

so we have been working the teams on a set of requirements that


is a real asset, complementing our strong knowledge of skincare in Europe

is a real asset complementing our strong knowledge of skin care in europe


original revenue was recorded, and how we adjusted it there in the fourth quarter.

the original revenue was recorded and how we adjusted it there in the fourth quarter


This service work includes component rebuilds and new equipment preparation.

this service work includes component rebuilds and new equipment preparation


our business continues to perform well. We are moving forward with the strategic alternative process

our business continues to perform well we are moving forward with the strategic alternatives process


we have a U.S. entity and we got global operating subsidiaries, right?

we have a u s entity and we've got global operating subsidiaries right


Got it. And the other question I just had was regard to flow instrumentation, I mean,

got it and the other question i just had was regard to flow instrumentation i mean


Fourth quarter also contained adjustments for expenses related to our ongoing efforts

fourth quarter also contained adjustments for expenses related to our ongoing efforts


However, we are optimistic that we will return to notable growth next year.

however we are optimistic that we will return to notable golf next year


if you could give me a little more detail -- give us a little more detail on


it could be elevated for another quarter or two, but that,

it could be elevated for another quarter or 2 but that


It's not an attractive model to the customers, so we absolutely see the pendulum swinging towards

it's not an attractive model to the customers so we absolutely see the pendulum swinging towards


and there was meaningful contributions from each of the regions.


and connection with one of the largest, fast and growing demographics in the nation.

in connection with one of the largest fasting growing -- growing demographics in the nation


You have to have the good spec, you get the right ingredients, and you can sell them to

you have to have the good spec you get the right ingredients and you can sell them to


the appreciation of consumers. And of course, each category is different.

the appreciation of consumers and of course each category is different


continues to contribute to our ability to maximize revenues in all of our markets.


which was issued in December, does not apply to the electricity distribution network operators,

which was issued in december does not apply to electricity distribution network operators


And we think there will likely be some level of carryover budget for multiyear 8, so we're not expecting to see

and we think there will likely be some level of carryover budget from multiyear 8 so we're not expecting to see


a change that is here to stay. Maybe we will see some changes here and there in terms of

a change that is here to stay maybe we will see some changes here and there in terms of


even making changes in their capital structure. And there is another

even making changes in their capital structure and there is another


now, some companies are trying to


and that the back half of the year comps will be much easier


Two important advances were made through our imaging mass cytometry user group meetings.

two important advances were made through our imaging mass cytometry user group meetings


Nothing major. So we're not that far down the line in that process, Brian.

nothing major so we're not that far down the line in that process


And the good news is I believe the combination of the brand visibility,

and the good news is i believe the combination of the brand visibility


With developments such as these, we are adjusting our outlook also regarding

with developments such as these we are adjusting our outlook also regarding


This plus was attributable especially to a large project in South America.

this plus was attributable especially to a large project in south america


The real estate development business should continue to make very positive earnings contributions

the real estate development business should continue to make very positive earnings contributions


of more than 5%. This exceeded the cost savings projections I provided last quarter

of more than 5% this exceeded the cost savings projections i provided last quarter


We intend to build on that momentum and update you on our progress in April. Thank you.

we intend to build on that momentum and then update you on our progress in april thank you


Our robust international supply chain will enable us to flex and mitigate the effects.

our robust international supply chain will enable us to flex and mitigate effects


and we plan to see the cost savings materialize in the second quarter of next year.


This quarter, we started testing a small volume point value change in a few products, some of our bars

this quarter we started testing a small volume point value change on a few products some of our bars


It's been a busy 3 months since our strategy presentation, and I'm very pleased to be here today

it's been a busy 3 months since our strategy presentation and i'm very pleased to be here today


lumpy borrowings rolling off at higher rates? Is that going to be a focus this year at all?

lumpy borrowings rolling off at higher rates is that going to be a focus this year at all


Much more around training and that whole team working together in each area.

much more around training and that whole team working together in each area


We continue to have an active divestment program with multiple work streams running in parallel.

we continue to have an active divestment program with multiple work streams running in parallel


The innovation in food is obvious to everyone no matter where you are in the world, and it is good for us.

the innovation in food is obvious to everyone no matter where you are in the world and it is good for us


We have a few Professional Lab Services agreements we expect to close in the second half.

we have a few professional lab services agreements we expect to close in the second half


as well as the reversal of a portion of the earn-out accrual associated with our acquisition of The Business Backer.

as well as the reversal of a portion of the earnout accrual associated with our acquisition of the business backer


from licensing and collaboration revenue from the agreement with Elanco, inventory valuation adjustment

from licensing and collaboration revenue from the agreement with elanco inventory valuation adjustment


These are some of the variables that we will be watching and discussing with you over the coming quarters.

these are some of the variables that we will be watching and discussing with you over the coming quarters


which was offset by the tax benefit from remeasurement of associated tax-deferred liabilities.

which was offset by the tax benefit from remeasurement of associated tax deferred liabilities


all integrated with and driven from the core recovery audit data we know so well.


Having said that, we think there's probably a secular decline going on with regard to NSF fees,

having said that we think there's probably a secular decline going on with regard to nsf fees


As Jeff detailed, the positive mix shift was due to a combination of factors,

as jeff detailed the positive mix shift was due to a combination of factors


I think you would expect to see a marginal decline in high street branches.

i think you would expect to see a marginal decline in high street branches


To conclude, we are very confident that the successful execution of the strategy and the flexibility

to conclude we are very confident that the successful execution of the strategy and the flexibility


once again, if there is no consolidation in the short term in France, at least,

once again if there is no consolidation in the short term in france at least


Siding or Engineered Wood would be something that we're interested in pursuing.

siding or engineered wood would be something that we're interested in pursuing


Thanks, Alex, and thank you to everyone for joining us today. We have a lot of news to share.

thanks alex and thank you to everyone for joining us today we have a lot of news to share


that does not affect your confidence in the ability of the group


Last year, in November, on the 14 of November, we have announced that we have changed our organization

last year in november on the 14th of november we have announced that we have changed our organization


And finally, if that is all executed, we regard ourselves as well positioned for the long term. We'll have

and finally if that is all executed we regard ourselves as well positioned for the long term we'll have


What kind of returns can we generate out of the business? What kind of a long cycle investment do we need?

what kind of returns can we generate out of the business what kind of long cycle investment do we need


while minimizing the reliance on funding from the Central Bank of Russia and other sources.

while minimizing the reliance on funding from the central bank of russia and other sources


Ivan will talk more about our outlook for U.S. spirits in fiscal '17 later.

ivan will talk more about our outlook for u s spirits in fiscal '17 later


a year ago at this time, how those are performing versus the store model

a year ago at this time how those are performing versus the store model


All 3 are critical, and we now have achieved a uniquely powerful combination of these 3 elements.

all three are critical and we now have achieved a uniquely powerful combination of these three elements


Each of them will be able to stand on their own from a profitability perspective. Now in terms of how we end up

each of them will be able to stand on their own from profitability perspective now in terms of how we end up


The differences between active and placebo groups were statistically significant.

the differences between active and placebo groups were statistically significant


Then we'll open the call for your questions. Now I'll turn the call over to Andrea.

then we'll open the call for your questions now i'll turn the call over to andrea


I'll have some closing comments after Glenn provides more detail on the financial results. Glenn?

i'll have some closing comments after glenn provides more detail on the financial results glenn


But I would say that certainly, every region is rich with opportunities.

but i would say that certainly every region is rich with opportunities


So I look at place like Brazil when I see some of that happening

so i look at a place like brazil when i see some of that happening


Ladies and gentlemen, that does conclude your conference. Thank you for your participation. You may now disconnect.

ladies and gentlemen that does conclude your conference thank you for your participation you may now disconnect


as well as 1 additional month of the Providence Health System that we acquired effective

as well as one additional month of the providence health system that we acquired effective


The campaign is designed to drive direct bookings by promoting our richest consumer offer ever.

the campaign is designed to drive direct bookings by promoting our richest consumer offer ever


sort of the scope of what those opportunities might be like and how you're approaching


Our spreads have firmed and are growing in dollar terms, and our credit quality remains very strong.

our spreads have firmed and are growing in dollar terms and our credit quality remains very strong


not surprisingly given some of the macro trends there on oil prices and also what's happening


Our increased total investment income and the continued leverage of our efficient operating structure

i increased total investment income and the continued leverage of our efficient operating structure


Thank you, Mark. I'm going to provide a brief update on key balance sheet items and financial measures,

thank you mark i'm going to provide a brief update on key balance sheet items and financial measures


During the fourth quarter, the company recognized a loss on a piece of property acquired from legacy United in the merger

during the fourth quarter the company recognized a loss on a piece of property acquired from legacy united in the merger


things like agriculture coming back, the crop spray business and some of the other businesses there.

things like agriculture coming back the crop spray business and some of the other businesses that are


And in terms of the proposed JV, have you already started working on who

and in terms of the proposed jv have you already started working on


Process design kits were released, and we are closely working with selected early adopters on products,

process design kits were released and we are closely working with selected early adopters on products


the math that I just gave, the arithmetic I just gave, you'd see that the fourth quarter of '18 is

the math that i just gave the arithmetic i just gave you'd see that's the fourth quarter of '18 is


and anticipated supply needs for a more comprehensive and aggressive launch


While it is still too early to put any firm numbers around 2017 trailer projections

while it is still too early to put any firm numbers around 2017 trailer projections


Are you on track, and are you going to reach those targets, your internal targets,

are you on track and are you going to reach those targets your internal targets


Our sustainability measures around waste generation and water consumption are in good shape.

our sustainability measures around waste generation and water consumption are in good shape


As you know, on October 30th, we announced our agreement to acquire the Alpha Technologies Group.

as you know on october 30 we announced our agreement to acquire the alpha technologies group


Last evening, we posted slides on our website that we will be referencing during the call this morning.

last evening we posted slides on our website that we will be referencing during the call this morning


With that, let me turn it over to Chris to walk us through operating results in more detail.

with that let me turn it over to chris to walk us through operating results in more detail


After that, Chris will speak more granularly about our operating performance for the quarter.

after that chris will speak more granularly about our operating performance for the quarter


Thank you for the way analysts and the press have followed the great evolution of TIM.

thank you for the way analysts and the press have followed the great evolution of team


Now I'll move into a brief update on initiatives in our segments.

now i'll move into a brief update on initiatives in our segments


Also, we have one claim in Australia in which there was no significant development.

also we have one claim in australia in which there was no significant development


This slowing trend may be somewhat exacerbated by the recently announced mortgage rule changes.

this slowing trend may be somewhat exacerbated by the recently announced mortgage rule changes


This decrease was largely due to an increase in the discount rate used to value the obligations.

this decrease was largely due to an increase in the discount rate used to value the obligations


that gives us enough confidence for us to pursue an asset. We've looked at a number of different things,

that gives us enough confidence for us to pursue an asset we've looked at a number of different things


to become activated and seek treatment when there weren't previous alternatives

to become activated and seek treatment when there were previous alternatives


Later this year, we are also expecting additional data readouts from Phase II studies

later this year we are also expecting additional data readouts from phase ii studies


we thought it was a reasonable price for the prospects of the business. It is fairly rare, I would say that. Yes.

but we thought it was a reasonable price for the prospects of the business it is fairly rare i would say that yes


situation around the world, and that is the reason for our cautious approach.

situation around the world and that is the reason for our cautious approach


The second takeaway is that we pursue the development of the group.

the second takeaway is that we pursue the development of the group


And I don't know if you've gone through the budgeting process, but it's a question that's coming up fairly frequently now. And

and i don't know if you've gone through the budgeting process but it's a question that's coming up fairly frequently now and


As we said previously, we expect to recognize revenue for this product in the second half of this year.

as we said previously we expect to recognize revenue for this product in the second half of this year


This was driven by a favorable product mix and by our transformation plan.

this was driven by a favorable product mix and by our transformation plan


higher than we anticipated earlier, mostly for the reason of the high growth of the gross loan portfolio.

higher than we anticipated earlier mostly for the reason of the high growth of the gross loan portfolio


our expectations for next year would be a continued development compared to what we have seen


So I think one of our focuses will certainly be shortening those lead times.

so i think one of our focuses will certainly be shortening those lead times


Given the importance of these guidelines, we believe these recommendations provide further validation of our data

given the importance of these guidelines we believe these recommendations provide further validation of our data


and mostly it will be due to factors without our -- outside our control.


adding to the seasonal slowdown in business activity that we usually see during this

adding to the seasonal slowdown in business activity that we usually see during these


At the same time, we've made HAY products more widely available throughout our Design Within Reach retail studios.

at the same time we've made hay products more widely available throughout our design within reach retail studios


material science company that has a fairly nice growing med piece.


I'll now make a few comments on guidance before turning the call back to the operator for questions.

i'll now make a few comments on guidance before turning the call back to the operator for questions


Right. And that is what we are planning


We believe it is important to present our results in this way as the finance -- adjusted financial measures

we believe it is important to present our results in this way as the financial -- adjusted financial measures


The company does not expect to execute any definitive agreements until the HLC process has concluded.

the company does not expect to execute any definitive agreements until the hlcc process has concluded


but we don't know specifically when they'll line up. We'll need to add resources in advance of those becoming live,

but we don't know specifically when they'll line up we'll need to add resources in advance of those becoming live


a lot of people kind of question, well, why are you guys making such a big investment in an

a lot of people kind of question well why are you guys making such a big investment in


Bob, when you mentioned kind of whenever you start to see slowness or different elements in your business and you start to see

bob when you mentioned -- kind of whenever you start to see slowness or different elements in your business and you start to see


of the services for the installed base. So there is an opportunity there for us.

of the services for the installed base so there is an opportunity there for us


Core revenue for the sensing technologies platform decreased low single digits in the quarter.

core revenue for the sensing technologies platform decreased low single digits in the quarter


And also, our aim here is clear. We want to further extend our leading position

and also our aim here is clear we want to further extend our leading position


occupancy turnover and rent growth for all of our renewals and we're going to continue to do that. As Gary mentioned,

occupancy turnover and rent growth for all of our renewals and we're going to continue to do that as gary mentioned


analyzed the test results and provided that information to the market.


And is this a situation where they can only do that for so long, and then we'd expect to see the usage rebound?

and is this a situation where they can only do that for so long and then we'd expect to see the usage rebound


on your questions on Guatiquia and Quifa, I'm going to hand over in a second

on your questions on guadakia and kifa i'm going to hand over in a second


Perhaps that is why I struggle to accept the public market's view of our current value.

perhaps that is why i struggle to accept the public market's view of our current value


The presentation is directly below the webcast information in the middle of the page.

the presentation is directly below the webcast information in the middle of the page


And it has performed very well in the hands of key opinion leaders going through very tough lesions.

and it has performed very well in the hands of key opinion leaders going through very tough lesions


looking at growth is to put our foot on the best exploration ground in Africa.

looking at growth is to put our foot on the best exploration ground in africa


Is there a thought to going back to issuing '17 guidance or annual guidance

is there a thought to going back to issuing '17 guidance or annual guidance


And on the other side, we look for acquisitions that principally give us a scope,

and on the other side we look for acquisitions that principally give us a scope


The acquisition of Atrium Innovations provided additional growth in the second quarter,

the acquisition of atrium innovations provided additional growth in the second quarter


mainly explained by the expected recoveries in income tax related to the payments that we mentioned before.

mainly explained by the expected recoveries in income tax related to the claims that we mentioned before


is the continued investment of shareholders capital is required and then getting returns.

is the continued investment of shareholders' capital is required and then getting returns


We continue to work with payers to secure favorable reimbursement and are making incremental progress.

we continue to work with payers to secure favorable reimbursement and are making incremental progress


lots of great flats out there right now. So when we look at some of the trends,

lots of great plats out there right now so when we look at some of the trends


having entry into that basin and seeing success. And we see a lot insight

having entry into that basin and seeing success and we see a lot of insight


So I think it's just a good opportunity to remind everyone of what we've been telling you for a couple of quarters now

so i think it's just a good opportunity to remind everyone of what we've been telling you for a couple of quarters now


or typically the market leader in mobile. So we have a massive market income already in market.

we're typically the market leader in mobile so we have a massive market income already in market


Or is it a bigger problem with the new startups just trying to undercut to build a business? Can you distinguish

or is it a bigger problem with the new startups just trying to undercut to build a business can you distinguish


that we will continue to pursue the merger of equals with Terex Corporation.

that we will continue to pursue the merger of equals with terex corporation


Your comment is a fair comment, it's a balancing act between

your comment is a fair comment it's a balancing act between


I think that's where our statement of being well in the range is justified.

i think that's where our statement of being well in the range is justified


that level of productivity? Or is that roughly what we should think about in terms of what you can do going forward?

that level of productivity or is that roughly what we should think about in terms of what you can do going forward


And that is also one of the benefits of this investment. Now

and that is also one of the benefits of this investment now


and that it will now look ahead with plans to begin resettlement which will allow construction of the project.


So quite a few in the IFRS business, for example. So as you would expect, we keep a very good

so quite a few in the rfs business for example so as you would expect we keep a very good


I have a question about some of the data that was presented at AAN. And

i have a question about some of the data that was presented at aan and


forms of risks to take. And I think that the clients are becoming

forms of risk to take and i think that clients are becoming


Without going too far, I might say we're more happy with our competitive position in the first quarter,

without going too far i might say we're more happy with our competitive position in the first quarter


There was an immaterial impact to our first quarter revenues due to the timing of our latest acquisition of Medallion Plastics,

there was an immaterial impact to our first quarter revenues due to the timing of our latest acquisition of medallion plastics


Lower lease spending was offset by higher planned investments to refresh the rental fleet.

lower lease spending was offset by higher planned investments to refresh the rental fleet


While new funding and initiatives to improve access to treatment continued to be rolled out across the country.

while new funding and initiatives to improve access to treatment continue to be rolled out across the country


Finally, we may refer to certain non-GAAP measures during the call, and our earnings release and investor presentation

finally we may refer to certain non-gaap measures during the call and our earnings release and investor presentation


Reliance is very well-positioned to further grow our participation in this area.

reliance is very well positioned to further grow our participation in this area


in order to participate in the China domestic market as a bankcard clearing institution.

in order to participate in the china domestic market as a bank card clearing institution


This healthy growth is the result of the business development activity in the markets we serve abroad.

this healthy growth is a result of the business development activity in the markets we serve abroad


I will now turn the call over to Mark to comment on our second quarter financial results and third quarter guidance.

i will now turn the call over to mark to comment on our second quarter financial results and third quarter guidance


That's not clear yet. So those customers, which are testing these technologies,

that's not clear yet so those customers which are testing these technologies


do not offer better growth in future cycles.


The group has seen improvements in claims frequency over the last year.

the group has seen improvements in claim frequency over the last year


Also want to point out that increased mining activity and rebound in China

also want to point out that increased mining activity and rebound in china


the pace of change in your businesses and the markets you serve has accelerated or is accelerating.


capacity is also much higher. So there will be a lot of cost savings and spend savings

capacity is also much higher so there will be a lot of cost savings and spend savings


The decline was driven by higher marketing expenses and higher direct costs in business.

the decline was driven by higher marketing expenses and higher direct costs in business


and we are seeing increased uptake and utilization of our HPV vaccine around the world.

and we are seeing increased uptake and utilization of our hpb vaccine around the world


which we've evaluated not to be useful to evaluate vaccine efficacy.


and it's been relatively stable. Certainly, there's a lot of talk about German discounters and

and it's been relatively stable certainly there's a lot of talk about german discounters and


defining precisely the individual contribution and the opportunity.


Good morning from my side as well, and thank you all for joining us here today.

good morning from my side as well and thank you all for joining us here today


And we are further expanding, planning this year Bangladesh and Myanmar.

and we are further expanding -- planning this year bangladesh and myanmar


Overall, our progress on our key priorities provides me with confidence in the year ahead.

overall our progress on our key priorities provides me with confidence in the year ahead


In that calculation, we include the expense on nonrecurring security and technology transformation

in that calculation we include the expense on nonrecurring security and technology transformation


We are improving our overall compensation and benefits programs for our employees.

we are improving our overall compensation and benefit -- benefits programs for our employees


really a very positive development in terms of assets and deposit growing


So if you add that all up, where is the group shaping for the end of the year?

so if you add that all up where is the group shaping for the end of the year


In fulfillment, we expect to continue our lean direct and indirect spend reductions,

in fulfillment we expect to continue our lean direct and indirect spend reductions


while undertaking curtailed activity, we really made that activity count

while undertaking curtailed activity we really made that activity count


if that income were to be reversed, then a reversing deferred tax benefit would be recorded.

if that income were to be reversed then a reversing deferred tax benefit would be recorded


If you start out at a small percentage, even if you're doubling every year and

if you start out at a small percentage even if you're doubling every year and


we're considering that most of the growth will come from that data in the

with considering that most of the growth will come from the data in the


In the past, you may be scared by such a story, and you spend more,

in the past you may be scared by such a story and you spend more